Topic for Accounting assignment need help starting this.
Imagine that you are the controller of a company responsible for adopting new accounting standards. You discover that your company uses an inventory valuation method than is different from other companies in your industry. Using the " Hierarchy of Qualitative Characteristics of Accounting Information. For information about how a company's inventory method influences their taxes, consult the Seymour, McAliney, and Sugarman website.
- Provide your recommendation on changing your inventory method.
- What are the benefits and disadvantages of switching methods?
- What are the tradeoffs between consistency and comparability in how they affect the statements?